Getting on the ramp from fiat to crypto can be expensive when you consider all those exchange fees. You’ve gone to all that trouble of signing up with exchanges like Local Bitcoins & Coinbase and now you just want to relax and buy your Bitcoins on platforms you’re used to. Well what if I told you you could save lots of money by using another service to buy your Bitcoins? GDAX is a branch of Coinbase that is geared towards Crypto traders rather than your average retail client. However, just because you’re not Billy big biscuits trading thousands of dollars every day doesn’t mean you can’t open an account and buy small amounts of Bitcoin. If you’ve already got a Coinbase account, setting up your GDAX account will be easy. You can transfer fiat or crypto between the two accounts at no cost, and you can start buying Bitcoin without the extortionate fees that Coinbase and other exchanges charge.
The two main benefits to using GDAX:-
- Little or no fees to transfer your fiat to Bitcoin. With Coinbase charging between 1.5% – 4% for each transaction and other exchanges with similar fee structures, this is going to allow you to keep more of your hard earned money to yourself.
- The ability to set ‘Limit’ orders so you choose what you are prepared to pay for your Bitcoin, set the order, then wait for the market to come and fill it. We have seen instances in the past where the spot price of Bitcoin has been almost $200 different from the price the exchange is offering. This usually happens when the price is most volatile which is a nightmare if you’re trying to take advantage of some temporarily low prices. With GDAX you can set your limit order and go about your business until the order gets filled. When price spikes up or down you’re order is sitting there ready and waiting!
We just wish we had found this earlier when we first started buying Bitcoin, it would have saved us a lot of money. Hopefully this will help you avoid the fees and buy your Bitcoin at the prices you want.